Fremont Real Estate and Beyond

I'm really glad the Consumer Finance Protection Bureau is finally enacting changes to the loan paperwork received by the consumer at the beginning and end of escrow.  I've encountered a lot of buyers who were surprised by unexpected costs that came up at the last minute.  This smooths out the entire escrow process! August 1, 2015 is when these new rules will be enacted. 

The start of the Real Estate season is starting, are you ready? I've been getting a lot of questions about what paperwork buyers need in order to make an offer on a house. Besides the contract, here's a short list of what you need-- -If you're financing the transaction you'll need a pre-APPROVAL letter (not a pre-QUALIFICATION letter).  Pre-approval letters are letters from Lenders that show that they've looked through your finances and are confident they can lend you $X amount. -Bank statements to prove you can afford the down payment you mentioned in the contract.  Feel free to black out the account numbers for privacy.    -If you're paying cash, bank statements to support your all-cash offer.  This can be 1 bank statement or multiple ones, as long as they add up to the offer price and can be wired to escrow 3 days before escrow closes, you should be ok.  Remember, you cannot write an offer saying it's all cash and then decide to get a loan while y

I've been seeing an uptick in short sales hitting the market and getting a lot of calls from perspective buyers who have gone through a short sale or foreclosure in the past.  The most frequent question I've been hearing is, how long will it take to clear from my credit report?  Here's a great chart to answer this question.  

The great guys at Guaranteed Rate have helped me set up a mortgage calculator and rate feed on my website.  Feel free to check it out and if you have any questions about a mortgage, don't hesitate to contact Adam O'Donnell at Guaranteed Rate for assistance. Website link-- http://www.cheunghomes.com/mortgage.html

CAR has just set up a site to help potential buyers figure out if they qualify for down payment assistance.  Check it out! http://www.car.org/tools/downpaymentresource/

I know this blog pertains to real estate, but this issue will probably affect quite a few people's home values.  Ever wonder on those random days when the wind blows in from the South, where the sweet/rancid odor comes from? Well, it comes from the landfill off of 880/Dixon Landing.  And the company that manages it wants to make it even bigger. As a reference, I grew up in Southern Fremont and could literally count on my hands over 2 decades the number of times that I smelled the landfill.  Fast forward to now in Central Fremont, I smell it more frequently than ever before.  My heart and nose really go out to those currently living in Milpitas, Southern Fremont, and North San Jose who take the brunt of the foul smell everyday.  So if you're wondering what's happening on this issue, San Jose has delayed the vote to expand the landfill-- http://www.mercurynews.com/milpitas/ci_27374273/san-jose-planners-delay-vote-newby-island-landfill Milpitas is looking to sue San Jos

So many interesting cases are coming from outside of California! Trelora, a brokerage based in Denver was told by their MLS to stop posting what the sellers are compensating the buyers agents. Buyers are not affected by this since the seller traditionally pays the commission for both the buyer and listing agents.  Sellers, on the other hand, get to see what the "going rate" is to compensate the buyers agent.  Agents have a fiduciary duty to whomever they represent.  So if a buyer falls in love with a home where the seller chooses to compensate the buyer's agent with a flat fee, will the agent say to the buyer, "I can't represent you because my compensation is too low"? Some unethical agents may, but I would never do it. My clients happiness comes first and foremost before my compensation!